Payday Loans in Tennessee
- Nickname: The Volunteer State
- Population: 6.77 million
- Capital: Nashville
- Website: www.tn.gov
Most people associate the state of Tennessee with its capital city, Nashville. Nashville is world renowned for its focus on, and production of, country music (along with other musical genres). But Tennessee offers so much more than just music. It’s here that you can visit the country’s most visited national park: the Great Smoky Mountains. And Tennessee is also known for its rich history and sumptuous BBQ.
Unfortunately, Tennessee is also home to a fair number of people who are struggling to make ends meet. The poverty rate in Tennessee during 2018 was 15%, placing the state within the top 15 highest poverty rates in the country. With its current (as of September 2019) unemployment rate of 3.4% and its median household income of $52,375 (which is nearly $10,000 less than the national average), there are many people living in this state who are having troubles with their finances.
Payday Loans in Tennessee
Payday loans are typically required to be paid back within just 2 to 4 weeks, making it difficult for borrowers to return the funds on time. As a result, many payday loan borrowers find themselves needing to take out additional loans just to pay back their original payday loan.
On average, 3,791 loans are taken out per Tennessee payday loan store per year, with a total volume of $1,124,696,366. Payday loan borrowers in Tennessee tend to be less educated, less likely to own their homes, more likely to be African-American, and more likely to earn below $40,000 per year. These individuals usually turn to payday loans to help them with ongoing, daily expenses during difficult times. In Tennessee, a payday loan of $100 given for a period of 2 weeks leads, on average, to an APR of 459%. According to a report by Tennessee Citizen Action, the average payday loan in Tennessee is $221, the average APR is 426%, and the typical borrower will hand over up to $490 in fees to borrow $300.
Consumer Protection in Tennessee
How to Report a Lender in Tennessee
If you’ve chosen to work with a payday or title lender, be sure to only go to a company that acts in accordance with state laws—they’re there for a reason. Lenders must follow the payday and title loan laws of Tennessee, but if they don’t, make sure to file a complaint.
If you believe your payday or title lender in Tennessee is violating the law (if they’re misleading, harassing, or overcharging), you need to speak up. Filing a complaint might be just what others need to get help, too. Stand your ground and use the valuable resources available in Tennessee to find the help you need.
Contact the Tennessee Department of Financial Institutions to file a complaint. Once on their website, click on “How Do I?” and choose “File a Complaint”. Here are ways to file a complaint with the Tennessee Department of Financial Institutions:
- Register the complaint online
- Supply supporting documents
- Call 1-800-778-415 to receive a consumer complaint form
- Fax a completed consumer complaint form to (615) 253-7794
- Request a form via e-mail at email@example.com
- Mail a completed consumer complaint form to TDFI (address below)
Once your complaint has been completed and submitted to the department, it will be assigned to a Consumer Resources Specialist to review. If more information is needed, the assigned specialist will contact you for further information.
- Address:312 Rosa L. Parks Avenue, 26th Floor Nashville, TN 37243
- Phone:(615) 741-2236